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7 Matching News Items

1.  City of Chattanooga Wins COLA Lawsuit Brought by Retired Police Officers, Firefighters
Chattanooga Times Free Press Link to more items from this source
Nov. 25, 2015
"In 2014, the City Council voted to reduce the cost-of-living adjustment, or COLA, for retired police officers and firefighters from a guaranteed annual 3 percent rate to an average of 1.5 percent, depending on the level of benefits a retiree was receiving. Reducing the cost-of-living adjustment level was part of a package of reforms ... to reduce the city's $150 million unfunded pension liability ... The reform also increased employees' pension contributions by nearly 40 percent, while saving the city more than $227 million over the next 24 years, the mayor's office said."
2.  Unum Group Officials May Be Seeing Healthier Employees Because of Its On-Site Fitness Center
Chattanooga Times Free Press; free registration required Link to more items from this source
Sept. 14, 2009
Excerpt: Providing a place where employees can pump iron, take a Zumba dance class or just spin on a stationary bike is a way some companies are helping meet employee wellness needs. Open 24 hours a day, Unum's 3,000-square-foot center in downtown Chattanooga is similar to ones offered at the insurer's other major offices, said Michael Booth, the company's health programs manager. 'We definitely see good positive returns for those folks using the facilities,' he said.
3.  As Rates Soar, Tennessee Insurers and Regulators Say Obamacare Proving Too Risky, Costly
Chattanooga Times Free Press; free registration required Link to more items from this source
Aug. 26, 2016
"The price of individual health insurance coverage will increase next year by a record amount in Tennessee after state regulators agreed to the full amount of the rate increases requested by the three health insurers still offering exchange plans under Obamacare. But even with a 62 percent rate hike in 2016, the state's biggest health insurer is still evaluating whether to stay in the program ... Even with the state allowing [BlueCross BlueShield of Tennessee] to more than double its rates in three years, BlueCross officials said they are still studying whether it makes sense to keep offering Obamacare coverage in 2017 or abandon the program and leave much of Tennessee without any coverage under the marketplace exchanges."
4.  Taxpayer Support Continues for Retired or Defeated Congressmen in the Form of Federal Pensions
Chattanooga Times Free Press; free registration required Link to more items from this source
Nov. 22, 2010
Excerpt: The Congressional Research Service report states that lawmakers also contribute a larger share of their salary than other federal employees do. Because of the 'uncertain tenure of congressional services,' both defined benefit plans were designed to give a larger benefit for each year of service to lawmakers than other federal employees, the report states.
5.  Pension Pain: TVA Retirement Plan $4.8 Billion Underfunded
Chattanooga Times Free Press Link to more items from this source
Nov. 18, 2014
"TVA boosted its net income and employee pay while paying down its debt in fiscal 2014. But for all its financial success, the federal utility failed to close a $4.8 billion shortfall in the pension program for nearly 36,000 current and retired TVA employees and their families. In fact, under an updated calculation made in 2014 to reflect the lower interest rate environment, TVA's underfunded pension plan appears to have gotten even worse in the past year."
6.  401(k) Eyed to Cut Cost of Tennessee Pensions
Chattanooga Times Free Press Link to more items from this source
Apr. 2, 2013
"The next generation of Tennessee teachers and state workers could lose the security of a guaranteed pension as state leaders eye a more risky, investment-driven retirement plan. A bill making its way through the General Assembly seeks to overhaul the state's pension plan, shifting risk from the state to employees through a combination pension and 401(k)-style plan.... State Treasurer David Lillard ... says the state's current plan, though one of the strongest-funded ones in the nation, needs to be changed to ensure long-term sustainability."
7.  TVA Employees Balk at Obama Plan to Pay for Pension Benefits
Chattanooga Times Free Press Link to more items from this source
Nov. 3, 2011
Beginning next year, the U.S. Office of Management and Budget wants TVA workers to pay 1.2 percent of their salary into the retirement system over three years as part of a plan to cut the federal deficit .... [but] TVA employee unions claim the proposal amounts to an unfair $12 million pay cut[.]

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